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Extend tax cuts to jump-start economy?

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    Factory orders falling, worker productivity declining

  • Duration 4:44
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A big -- bummer for McDonald's the fast food chain -- Europe's financial crisis is eating into its profits there's.

Little we can do about growing worries over there a reason why Gary -- says the president needs to take action here and you want Gary.

Well I think we need to keep the tax cuts going -- is very symbol gets back to what we talked about.

Just a few minutes ago everyone -- look at themselves -- and say who is that better Steward of our money pots.

Or the government the government creates companies like Solyndra the private sector creates companies like apple at the government had successes like apple -- okay yeah maybe I should get more.

Money to the government the second point is history.

When does the economy taken -- took off under the Kennedy tax cuts that took up under the Reagan tax cuts that took -- took off under the tax cuts were talk about now.

The bush tax cuts in the -- four point well yeah but Clinton raise taxes surely did.

But the economy took off under Clinton when he -- Taxes under the capitol -- -- -- the evidence is in and it makes him so much sense to -- -- be ludicrous to let this tax cuts expire.

Okay and Jonas of the white house press Press Secretary did make clear this week that the president will not extend the tax cuts to the wealthiest Americans.

Is that going to hurt the the economy is that gonna hurt job creation.

There's no part of the economy you can tax -- our cost some sort of dragged on job creation or the economy whether it's on the upper brackets of the lower bracket to be tax workers and and also they're gonna want higher wages to their taxes went up.

And that's gonna hurt John -- as well.

But this cried as one of the worst and raising -- taxes and an economy.

It's cleaner government clots -- and that's really what's at what's happened in in these other countries not to they raise taxes and the increase is clouds.

They are going under because they spend more they raising taxes and that is worse -- what we're doing the reason why taxes are going up automatically next here.

And some cuts are kicking is good we -- to do both to prevent that from happening now is a good.

Emergency solution it in a government doesn't get together to make any deals we'll get the -- it it's going to be a drive it'll prevent Greece from happening here Toby.

Tax cuts for everyone why so this is little silly notion.

That what -- jobs is capital to have capital needed to have profit.

When you have more probably -- more capital and guess what you have more jobs tax cuts for everyone.

It -- what do you think that -- -- for everybody.

Right now yes but -- -- point it's a matter of fact that government investment and DARPA is what's created much of our digital technology the Internet.

-- right search your whole host of others who is it just falls what Gary said.

The debate right now we're having about the bush tax cuts is whether letters on it and Clinton rates.

When we created 23 million jobs at a record amount of jobs created under those rates -- last two decades.

And if you're you know if -- pure keynesian as I am.

You don't increase anyone's taxes as Jonas said well -- an economic stagnant period or when we're in a recession and you don't cut the government spending.

But the question is what -- doing in -- the intermediate term appearance in the deficit.

If you're -- in the deficit some got to come on the table because it's a simple map.

We're 25% of GDP in terms of government spending right now.

Taxes are 15% of GDP which are historic low it's the cut taxes have never been lower in this country -- and they are right now.

Even conservatives agree that government spending ought to be somewhere between eighteen and 20% so that's the case in taxes or 15%.

-- they got to come from somewhere so it's not the bush tax rates it's got to be at the Simpson Bowles commission said that got to come from somewhere.

You gotta put something on the table you just can't take tax cuts for that okay had a I had -- we had a week for.

-- jobs even.

President Bill Clinton came out this week and said excuse me President Obama we need to extend these tax cuts.

As a small business owner I can tell you this.

There's no certainty and our future right now we don't know what I health care bill is gonna be next year for our employees we don't know what our tax -- gonna be next year for our employees we don't know what -- gas prices are going to be next year for our for our company's so what we need is a little bit of certain the tell us our tax bill is not gonna go up and then maybe we can -- attack in the job problem when I know what -- tax bill is next year.

Then maybe I can start the forecast the -- and -- a lecture people -- And Clinton did backtrack a bit though on -- extending the tax cuts to the wealthy -- -- give you the last word here.

Yeah well every time we've tried to raise taxes what happens is people stop working -- sheltering come they move things around.

And what happens is tax revenues a percentage of GDP stays exactly the same so again.

Where would you rather have the money in the private sector -- the public sector I'd rather keep my own money -- spent -- OK guys thanks so much good debate.

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